Bitcoin Bulls Must Pass the $83K Test

Bitcoin's price has recovered somewhat after slipping below $76,500 earlier in the week due to US-Iran tensions. The cryptocurrency currently trades near $77,000.

Analysts are divided on whether this dip was a temporary setback or a sign of deeper trouble for Bitcoin. One analyst, NoName, believes that a crucial test is looming and if bulls fail it, Bitcoin could plummet to $50,000-$55,000 before finding a bottom.

NoName points out the CME futures gap above the current price at $83,000 as a key reference point. A daily close above this level would be backed by real spot volume, but without it, NoName sees the recent bounce as merely a retest of old supply rather than confirmation of a new uptrend.

However, not everyone shares this view. Doctor Profit dismisses calls for a new low and believes that the bear market is over. Another analyst, Sykodelic, looks at the bigger picture and points to the monthly candle structure as bullish.